Fisheries Instrument Choice under Uncertainty

Tom Kompas, Tuong Nhu Che and R. Quentin Grafton


This paper uses data from an actual fishery to construct a tractable, dynamic model to compare expected profit and its variance, optimal stock size, optimal harvest rate, and optimal fishing effort under different management regimes under uncertainty. The results provide a comparison of instrument choice between a total harvest control and a total effort control under uncertainty, an original method to evaluate the tradeoffs between profits and other criteria in a dynamic context, and insights regarding the relative merits of catch and effort controls in fisheries management. (JEL Q22, D81)

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